Cryptocurrency Prices Are Sinking Once Again Just Because Of One country.

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Good-Guy

VIP Contributor
Bitcoin price is fluctuating once again and many investors are facing a big loss once again. A recent crackdown against bitcoin in china caused the price of bitcoin to fluctuate even more. We really need to stop china's influence on Bitcoin. The big problem is that china thinks that bitcoin is its property and it is making investors suffer a big loss. However, now it seems like a jaw breaking response must be given to china in this regards and make china realize that bitcoin miners do not need china at all. A recent news also reveals that cryptocurrency miners are now moving out of china and planning to conduct mining activities in other countries. I really do hope that things go well for miners and china suffers in the process.
 

Bookwormlux

Valued Contributor
Let us hope that the miners get accepted in the new countries they are thinking of settling in as this is a very critical period in the crypto currency space as a whole. I do not understand why China always want to oppress others and be at the top of the game.

This is a very good time for people who have been thinking crypto Currencies were too expensive to buy as much coins as they want.
 
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Yugocean

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China is not the reason of sinking cryptocurrency price, China has multiple times banned bitcoin and cryptos. Even Binance owner shifted from China to Canada due to this. Internet blocks are not based on a country. China is trying to create government digital currency and banning all others (this was an idea suggested by Indian authorities) However India decided to not to ban for now.
 
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Good-Guy

Good-Guy

VIP Contributor
China is not the reason of sinking cryptocurrency price, China has multiple times banned bitcoin and cryptos. Even Binance owner shifted from China to Canada due to this. Internet blocks are not based on a country. China is trying to create government digital currency and banning all others (this was an idea suggested by Indian authorities) However India decided to not to ban for now.

Do you think banning mining in a country might affect the price of cryptocurrecnies? I have read somewhere that when more countries ban mining of cryptocurrencies, the price of cryptocurrencies do fluctuate. According to several news reports, the fluctuation was indeed because of some countries cracking down on digital currencies.
 
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Yugocean

Moderator
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Do you think banning mining in a country might affect the price of cryptocurrecnies? I have read somewhere that when more countries ban mining of cryptocurrencies, the price of cryptocurrencies do fluctuate. According to several news reports, the fluctuation was indeed because of some countries cracking down on digital currencies.
Commonly when a country crack down on cryptocurrencies, it will effect the investment, mining and transaction; this is going to effect crypto market. However the price of cryptocurrencies do fluctuate on any reason, just one reason cannot be final. Current problem is not just China, China already banned cryptocurrency multiple times.
 
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Alexandoy

VIP Contributor
I think the downward fluctuation of crypto prices is due to several factors. With the China ban, yes, there is an effect but that is not the main culprit. My take on the decreasing prices are the traders who have lost in the trading that now some have quit and the remaining are on the lookout for a better price to sell their crypto holdings.
 
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Sherman198

VIP Contributor
The ban laid on miners really affected the price of Bitcoin, as we have plenty of miners in China. But as miners are moving and migrating to other countries, the discovery of Greenfield energy or power would help and assist the new miners to mine cryptocurrencies effectively. With time, this may help Bitcoin.
 
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